At the forefront is the investment firm VanEck, which, as disclosed in its amended S-1 form, has taken decisive action by establishing its potential spot Bitcoin ETF with an initial investment of $72.5 million.
On Monday, Bitcoin (BTC), the largest cryptocurrency in the world, surpassed $47,000 as issuers including BlackRock, Fidelity, and others filed updated paperwork with the U.S. Securities and Exchange Commission (SEC).
VanEck Seeds $72.5 Million Into its Bitcoin ETF
Those seeking to issue spot Bitcoin Exchange-Traded Funds (ETFs) disclosed additional details regarding their initial funding on Monday morning via amended forms.
Meanwhile, at the forefront is the investment firm VanEck, which, as disclosed in its amended S-1 form, has taken decisive action by establishing its potential spot Bitcoin ETF with an initial investment of $72.5 million.
Bitwise, an additional candidate vying for the position of spot Bitcoin ETF, has revealed that, per its amended S-1 form, it will fund its proposed ETF with an initial investment of $500,000.
Additionally, if approved, Pantera Capital has indicated interest in making a significant $200 million contribution to the fund.
It is imperative to acknowledge that this expression of interest is provisional and not legally binding.
Notably, BlackRock, a prominent entity in the financial sector, has made a substantial initial investment of $10 million in its prospective spot Bitcoin ETF, according to information included in its amended S-1 form.
VanEck committed earlier this week, on January 5th, to allocate 5% of the potential profits generated by its spot Bitcoin ETF to Brink, to support Bitcoin core developers.
Furthermore, VanEck demonstrated its endorsement by initially contributing $10,000 to Brink to facilitate the advancement of its vital initiatives.
Bitcoin Price Could Reach $200,000 in Two Years
On the eve of regulatory deliberations regarding Bitcoin spot ETF applications, Standard Chartered Bank issued a forecast on Monday, indicating that the value of Bitcoin may exceed $200,000 by 2025’s end.
In a note to investors, Geoffrey Kendrick, head of financial research at Standard Chartered Bank, communicated this outlook.
However, he underscored that should the expected inflows associated with ETFs come to fruition, the bank foresees a possible level by the end of the year that approaches $200,000.
Kendrick observed that this forecast is consistent with their previous projections, which had aimed for $100,000 by the end of 2024.
Presently, a portion of the Bitcoin whales appear to be profit-taking.
According to LookonChain, a strategic whale recently executed a noteworthy action by depositing their entire 1,000 BTC holdings (equivalent to $22.47 million) into Binance.
This action followed a Bitcoin price surge that surpassed $45,000.
Significantly, during the last two weeks, this smart whale has been actively depositing 4,000 BTC (or $178.7 million) into Binance.
The average cost of the deposits was $44,673, and the whale consistently executed sales at advantageously high prices.